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Barchart
Rich Asplund

Crude Oil Prices Fall on Hopes US-Iran War Near an End

Oil United States Iran Russia OPEC Strait of Hormuz IEA

July WTI crude oil (CLN26) today is down -2.28 (-2.36%), and July RBOB gasoline (RBN26) is down -0.1350 (-4.03%). Crude oil and gasoline prices are sharply lower today, with crude falling to a 2.5-week low and gasoline dropping to a 5-week low. Crude prices are under pressure amid signs that peace negotiations between the US and Iran are progressing, bolstering optimism that the Strait of Hormuz could soon reopen and replenish depleted global oil supplies.

Crude prices are sliding today on signs that peace negotiations between the US and Iran are progressing. According to the Washington Post, the US and Iran have developed a memorandum to extend the ceasefire by 60 days as the two sides seek a permanent deal. If agreed, the Strait of Hormuz would be de-mined and reopened in the meantime. Secretary of State Rubio said negotiations will still "take a few days" as both sides discuss language in an initial document.

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